Gold Bar Property Summary
- Structural intersection of Battle Mountain - Eureka Mineral Belt and Cortez Rift
- Targets and deposits are mainly in Lower Plate carbonate Windows through the Roberts Mountain Thrust Fault
- Property covers +2 sq. miles (+500 HA) - 100% owned, subject to capped royalty
- Modern open pit production: 527,000 oz Au, average grade 0.08 opt (2.7 g/t) Au
- The district displays average grades and feeder structure grades that are elevated relative to other sediment hosted gold districts - ideal location for the search for high grade, sediment hosted deposits (Meikle, Deep Star, Rain type deposits)
- Historical Resources currently in place at Gold Bar: 3.6 million tons grading 0.100 opt (3.4 g/t) containing
360,000 ounces of gold in the
Gold Bar Main Pit vicinity, and 2.5 million tons grading
0.056 opt (1.9 g/t) containing 140,000 ounces of gold in the Gold Canyon area.
- Historical Resources contain 500,000 total ounces of
gold in the Gold Bar Main and Gold Canyon areas.
- Exploration indicates a +100,000 oz Au deep deposit with best intercepts of 12m grading 0.17 opt (5.8 g/t) Au, 18m grading 0.13 opt (4.5 g/t) Au
- High grade feeder faults have not been specifically explored to depth or along strike - over 2 miles of prospective structure have been identified to date
- Bonanza acquired the property in late 1999, focus thus far has been data cleaning and processing, and 3-D (Vulcan) modeling to refine drill targets
- Min. of two (2) high grade underground sediment hosted targets are drill ready
Gold Bar Property Important
- The company has not done the work necessary to verify the classification
of the Historical Resources currently present at Gold Bar.
The company is not treating the Historical Resources
as NI43101 defined resources, but views these gold deposits
as key geochemical anomalies to guide further exploration.
Should the price of gold rise sufficiently, the company
will undertake drilling and estimation studies to convert
the Historical Resources into NI43101 defined resources.
The historical estimates are not mineral reserves
and do not have demonstrated economic viability and should not be relied upon.
The Historical Resources currently in place at Gold
Bar were prepared by companies other than the company; they were
estimated by Atlas geologists in 1996. The
Historical Resources were estimated by Atlas Precious Metals
Inc., were believed to be reliable at the time, and
were prepared to industry standards at the time, and are
relevant today as they were then. Atlas at the time
of the announcement of these resources did not state the
methodology used to estimate the resources. The Historical Resources
are not NI43101 classified, although the company believes
they are similar to the NI43101 classification of "Inferred" resources. The Historical
Resources are the most current such estimates available
to the company.
- The Gold Bar Project is the site of previous, recent,
modern, open pit gold mining. For that reason, all environmental
permitting, legal, title, taxation , socio-political, and marketing
issues at the site have been successfully overcome in the recent
past. The site has recently been permitted for a much
larger operation that any potential mine
that may be constructed in the near future. Title is
held through un-patented mining claims purchased by the company;
these claims are
in good standing. No legal issues that appear to compromise
the potential of the property are known. Taxation system
is favorable to mining. Nevada hosts a very large
modern gold mining industry. The local socio-political climate
appears favorable to development of a gold mine. The locality
is remote, rural, pro-jobs and pro-mining. Gold, the product of a
contemplated mine, is a very liquid product that can be marketed
very easily and directly.
- As has been previously announced, the qualified person for the "Geological
Report on the Nevada Properties of Bonanza Gold Inc"
(now American Bonanza Gold Mining Corp.), which lists the
Historical resources at Gold Bar is Gerald F. McArthur,
FGAG, PGeo.,self-employed as an independent Consulting Geologist,
whose address was 11135 Monroe Drive, Delta, BC.